June 2, 2017 / 11:32 AM / in 6 months

CANADA STOCKS-Futures bolstered by upbeat U.S. economic data

June 2 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Friday as strong U.S. economic data eased growth concerns, ahead of a payrolls report due later in the day.

U.S. job growth likely remained strong in May, a further sign of an acceleration in economic activity that would effectively seal the case for an interest rate increase this month despite sluggish wage gains.

June futures on the S&P TSX index were up 0.10 percent at 7:15 a.m. ET.

Trade balance for April data is due at 8:30 a.m. ET.

Canada’s main stock index rose on Thursday to a more than one-week high in a broad rally led by energy and financials, while BlackBerry Ltd jumped after an influential investment firm said the technology company’s stock could double.

Dow Jones Industrial Average e-mini futures were up 0.39 percent at 7:15 a.m. ET. S&P 500 e-mini futures were up 0.29 percent and Nasdaq 100 e-mini futures were up 0.34 percent.

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TOP STORIES

Canadian apparel maker Canada Goose, which went public in March, reported a bigger fourth-quarter loss as expenses rose.

Athletic apparel maker Lululemon Athletica Inc on Thursday said it would close most of its money-losing Ivivva girls stores and boost investment in its online business as it reported quarterly profit that beat analysts’ forecasts.

Canadian auto sales hit a record high in May, with General Motors Co and Ford Motor Co on Thursday reporting double-digit increases, fueled by demand for crossovers and light trucks, according to analysts who compile the monthly data.

ANALYST RESEARCH HIGHLIGHTS

Canadian Western Bank: CIBC raises to “outperformer” from “neutral”

Saputo Inc: Desjardins raises to “buy” from “hold”

BRP Inc: CIBC raises target price to C$42 from C$34

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1,263.9; -0.35 pct

US crude: $47.13; -2.54 pct

Brent crude: $49.35; -2.53 pct

LME 3-month copper: $5,591; -1.89 pct

U.S. ECONOMIC DATA DUE ON FRIDAY

08:30 Non-farm payrolls for May: Expected 185,000; Prior 211,000

08:30 Private payrolls for May: Expected 173,000; Prior 194,000

08:30 Manufacturing payrolls for May: Expected 5,000; Prior 6,000

08:30 Government payrolls for May: Prior 17,000

08:30 Unemployment rate for May: Expected 4.4 pct; Prior 4.4 pct

08:30 Average earnings mm for May: Expected 0.2 pct; Prior 0.3 pct

08:30 Average workweek hours for May: Expected 34.4 hrs; Prior 34.4 hrs

08:30 Labor force participation for May: Prior 62.9 pct

08:30 U6 underemployment for May: Prior 8.6 pct

08:30 International trade mm for May: Expected -$46.1 bln; Prior -$43.7 bln

08:30 Goods trade balance (R) for May: Prior -67.55 bln

09:45 ISM-New York Index for May: Prior 738.0

09:45 ISM NY Business Conditions for May: Prior 55.8

10:30 ECRI Weekly Index: Prior 144.1

10:30 ECRI weekly annualized: Prior 5.1 pct

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1= C$1.35) (Reporting by Sai Sharanya Khosla in Bengaluru; Editing by Anil D‘Silva)

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